Giant asset management company Grayscale seems very bullish as the price value of the world’s leading digital asset has reached above $19,000. According to the investment firm, it may go above further as institutional influx is continued.
Bullish over Flagship Cryptocurrency
Michael Sonnenshein, the managing director of Grayscale, stated in his interview with CNBC that the rising interest of big investors in the top digital asset tells that a big run is awaiting. According to Sonnenshein:
“If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we’re just getting started.”
Grayscale Investments has purchased 7,300 Bitcoin (worth approximately $140 million) in its latest purchase. After the purchase of 7,300 BTC, the worth of Bitcoin Trust has reached under $10 billion.
According to analytical firm Bybt, Grayscale has increased its holdings for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Per the report, the investment giant has purchased 63,817 ETH ($38 million), 1,204 BCH ($358,515), and 5,939 LTC ($498,876) in the past seven days.
Bitcoin now represents 84% of total Grayscale’s assets under management as Bitcoin is worth $9.7 billion out of a total $11.46 billion in assets under management. Over the recent few months, the value of assets has marked a new high, which shows institutional clients want to invest in cryptocurrency but with the trust of Grayscale.
“Grayscale is accumulating #Bitcoin like crazy. They own more than half of a million #BTC . That’s around 2,5% of Bitcoin’s total supply,” crypto trader Wealth Trader said in his tweet.
CNBC’s Squawk Box has also interviewed founders, known as Tyler and Cameron Winklevoss, of crypto exchange Gemini. According to Gemini’s founders, Bitcoin is better than gold as it is gold 2.0. In the case of gold’s disruption by the world’s leading digital currency, Bitcoin could manage to attain the total market cap of $9 trillion while the price value could reach $500,000.
Tyler Winklevoss believes Bitcoin could perform well in the future as institutional demand is at its peak value. Billionaires, such as Stan Druckenmiller and Paul Tudor Jones, are new members in the crypto industry as they see potential in the top digital currency. Even publicly traded firms, such as Microstrategy and Square, have also invested heavily in Bitcoin.
After an injection of Billions of dollars over the recent few days, Bitcoin will break an all-time high of $20k soon. Currently, it is trading at $19,714 after an increase of 7.32% over the day.